In a striking example of corporate excess, Steward Health Care System CEO Dr. Ralph de la Torre has been accused of reaping financial rewards to the tune of $250 million over the past four years, all while his hospital chain teeters on the brink of collapse.
The revelations about de la Torre’s lavish payouts have sparked widespread outrage, especially as Steward, which operates 30 hospitals across eight states, filed for bankruptcy in May, prompting scrutiny from federal investigators.
According to a report from The Wall Street Journal, the payouts to de la Torre began after he took over majority ownership of Steward from its private-equity owner in 2020. With this windfall, de la Torre purchased a 500-acre ranch in Waxahachie, Texas, a $7.2 million property that adds to his already expansive portfolio, which includes a 190-foot, $40 million yacht. De la Torre’s extravagant lifestyle stands in stark contrast to the financial ruin facing the hospital chain he oversees.
Steward’s financial troubles have only worsened since de la Torre’s takeover. The company has been hemorrhaging hundreds of millions of dollars annually, leading to deteriorating conditions at its hospitals. A particularly egregious example occurred at a Steward hospital in Florida, where 3,000 bats were found last year. More recently, air conditioners failed at a Steward hospital in Phoenix, forcing patients to be relocated in the sweltering summer heat.
Massachusetts Governor Maura Healey, a Democrat, has been one of the most vocal critics of de la Torre. Last week, she condemned the CEO for “stealing millions out of Steward on the backs of workers and patients,” using the money to fund his opulent lifestyle. Healey’s remarks came as Steward announced the closure of two Massachusetts hospitals, Carney Hospital in Dorchester and Nashoba Valley Medical Center in Ayer, both set to shut their doors by the end of the month. The closures have left hundreds of employees in limbo and sparked protests from the local community.
“He basically stole millions out of Steward on the backs of workers and patients and bought himself fancy yachts, mansions, and now apparently lavish trips to Versailles,” Healey said, referencing de la Torre’s recent visit to France for Olympic equestrian events. “I hope he gets his just due and that federal investigators will come after him for his actions.”
The federal investigation into de la Torre and Steward is ongoing, with a grand jury in Boston reportedly probing whether the hospital chain violated antibribery laws in a deal to manage state-owned hospitals in Malta. The investigation has already led to criminal charges against a former Maltese prime minister and other high-profile officials, and a Maltese magistrate has recommended charges against de la Torre himself.
The Senate Health, Education, Labor, and Pensions (HELP) Committee, led by Sen. Bernie Sanders, has also launched its own investigation into Steward’s finances and subpoenaed de la Torre to testify next month. Sanders has been outspoken in his criticism of de la Torre, calling him the epitome of “outrageous corporate greed” in America’s for-profit healthcare system.
“While Steward was busy shutting down hospitals all over America, de la Torre received $100 million, which he used to purchase a $40 million yacht,” Sanders said in a scathing statement. “Disgusting.”
As the fallout from Steward’s bankruptcy continues, questions have arisen about de la Torre’s leadership and the impact of his financial decisions on the company’s employees and patients. The closure of Carney Hospital and Nashoba Valley Medical Center could leave more than 1,200 workers without jobs, further deepening the crisis.
De la Torre, a Harvard Medical School graduate and once-renowned heart surgeon, has remained largely silent in the face of mounting criticism. When contacted, he declined to be interviewed, but his spokesperson attempted to downplay the CEO’s wealth, noting that de la Torre “made more money as a heart surgeon than in his first years as a corporate CEO.” In his own statement, de la Torre claimed that the value of his yachts had been “inflated” by the Senate committee.
Despite the attempts to mitigate the fallout, de la Torre’s lavish lifestyle has only fueled anger among those affected by Steward’s financial collapse. Protesters recently gathered outside the two Massachusetts hospitals slated for closure, holding signs that read, “Sink Ralph’s ship; not ours,” a clear reference to his mega yacht.
As the investigation unfolds, it remains to be seen whether de la Torre will face any legal consequences for his actions. However, the impact of his leadership on Steward Health Care System is already painfully clear. The company’s rapid decline has left patients, employees, and entire communities in its wake, while de la Torre and his wife, Nicole Costa, continue to live in luxury.
The story of Ralph de la Torre is a stark reminder of the dangers of corporate greed, especially in a sector as vital as healthcare. As Steward’s hospitals go up for sale and more jobs are threatened, the focus remains on whether justice will be served—and whether America’s healthcare system can afford more leaders like de la Torre.
